Zelio E-Mobility H1 FY26 financial results reflect one of the company’s strongest performances to date, highlighting rapid revenue growth, expanding profitability and clear progress on its national expansion strategy. In its first reporting cycle after a successful SME IPO, the BSE-listed EV manufacturer posted consolidated revenue of INR 134.78 crore and net profit of INR 11.87 crore, underscoring its position as one of India’s few consistently profitable EV players.
Zelio E-Mobility H1 FY26 numbers include contributions from the company’s new subsidiary, Zelio Auto Components, incorporated in May 2025. The entity marks a strategic shift toward deeper localisation, cost control and improved margins — elements that will gain greater significance as volumes scale in FY26 and beyond.
On a standalone basis, Zelio reported a sharp surge in performance. Revenue for the half-year jumped 77% YoY to INR 133.3 crore, while profit after tax climbed 69% YoY to INR 11.8 crore, compared to INR 7 crore in the year-ago period. Sequentially, PAT rose 33%, indicating strengthening operational efficiency and demand momentum across the company’s pan-India network.
Total standalone income reached INR 134.3 crore, including other income of INR 98 lakh. Expenses rose 78% YoY to INR 119.9 crore, in line with higher production, inventory buildup, and network expansion. Yet, even with rising costs, Zelio maintained strong margins — a rare achievement in India’s cost-sensitive EV market.
The consolidated Zelio E-Mobility H1 FY26 balance sheet also strengthened. Total assets stood at INR 85.33 crore, while net worth reached INR 38.55 crore, supported by lean capital structure, improved profitability and disciplined treasury operations. Operating cash flow for H1 came in at INR 10.20 crore, while the company deployed INR 5.23 crore in capex toward tooling, machinery and its upcoming manufacturing facilities.
This performance follows Zelio’s INR 78.34 crore SME IPO, which closed with 1.5x oversubscription. The company raised INR 62.83 crore through the fresh issue, while promoters divested shares worth INR 15.50 crore via the OFS route. As of 14 November unutilised proceeds of approximately INR 36 crore remain parked in fixed deposits with HDFC Bank, ready to be deployed for capacity expansion and new facilities.
A key focus area post-IPO has been strengthening the company’s manufacturing backbone. Zelio is currently constructing its new Patan, Hisar facility, which will increase production capacity from 72,000 units to 1,20,000 units annually. Alongside this, the Board has approved leasing of new industrial premises in Odisha, enhancing access to one of the fastest-growing EV markets in eastern India.
Distribution expansion continues to be another strong pillar of growth. Zelio now operates through 337+ dealerships across 20+ states, offering wide reach in Tier-2 and Tier-3 markets where demand for affordable, slow-speed electric vehicles is rising sharply. Its portfolio — including EEVA, Gracy, Legender, Mystery, XMen and Tanga e-Loader — remains positioned for the mass-market demographic that prioritises low running cost and simple, practical mobility.
The company’s recent product launch, Little Gracy, introduced earlier this year, is already gaining traction among young riders aged 10–18. This non-RTO segment is an emerging opportunity within India’s broader EV transition and aligns with Zelio’s mass-market strategy.
Positive investor sentiment mirrors the solid Zelio E-Mobility H1 FY26 performance. The company’s shares closed 4.99% higher at INR 350.2 on the BSE today, extending gains witnessed since its market debut.
With strong half-yearly earnings, a healthy cash position, expanding manufacturing capacity and deepening localisation through its new subsidiary, the Zelio E-Mobility H1 FY26 results position the company for a stronger second half. As Zelio readies for accelerated growth in FY26–FY28, it is increasingly emerging as one of India’s most financially stable and fast-growing mass-market EV brands.
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